InvestHedge Awards 2010 (& Global FoHF Forum)
Venue: The Pierre (61st and fifth)
Location: New York
Dates: Thursday, 10 March 2011
Thursday, 10 March 2011
Some 300 of the leading players in the global fund of hedge funds industry will come together at the Pierre Hotel in New York for the eighth annual InvestHedge Fund of Hedge Funds Awards, an event which recognises the best risk adjusted performers among the global fund of hedge funds universe.
The Global FoHF Forum: The Future Face of Funds of Funds
The Harmonie Club, 4 East 60th Street, New York
What will the future face of the fund of funds industry look like?
“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change” Charles Darwin (1809-1882)
With more than $600 billion in hedge fund assets under management, the global fund of hedge funds industry is still a force to be reckoned with, despite press reports that it is on its last legs.
It has taken nearly two years for the fund of hedge funds world to come through the chaos and the frauds of 2007 and 2008. During this time, however, more investors have started to invest in hedge funds directly, while consultants are increasingly offering implemented consulting services.
As investors learned the ropes, they were starting to allocate directly and at the same time the smarter global FoHFs were growing and maturing alongside. Despite this, the argument for multi-manager investing is as strong today as it was 10 years ago.
The events of the last few years has cleared the industry from the mediocre asset gathering funds of funds, leaving great multi-managers, many of which will be present – and rewarded – at the InvestHedge Awards.
In the aftermath of Madoff and the collapse of Lehman Brothers it is true to say that investors have used their upper hand to ask more of their allocators: more transparency, more due diligence, more access, and more bespoke offering.
The hedge fund investor now has a myriad of choices. Among them: direct investing; co-investing; emerging managers; managed accounts; UCITS; structured products; indices and replicators; bespoke services; as well as the classic co-mingled multi-manager products in an increasing variety of strategies and regional flavours.
So these days, funds of funds can no longer expect to be paid for access to great brands: those brands – now large and operationally sound – can afford marketers of their own to raise assets. So what can the funds of funds of tomorrow expect to be paid for?
It is to answer these questions and othersthat InvestHedge has decided to host the Global FoHF Forum, which is designed to coincide with the 9th annual InvestHedge Awards on 10 March at the Harmonie Club in New York.
The editors of InvestHedge will bring together the best brains of the funds of funds and hedge fund investor industry to discuss what the way forward will look like and what the pitfalls might be as more and more assets go to the larger and larger managers, both in the hedge fund and in the fund of funds space.
Topics such as fees, emerging managers, innovative structures, asset allocation and distribution will be among the many covered in this three-hour Global FoHF Forum.
08.30 - 09.00
Registration & breakfast
|09.00 - 09.45
What will FoHFs look like in the Future?
There is still a need for experienced hedge fund allocators, even if plain vanilla global multi-strategy funds are being replaced with bespoke requests. With sophisticated due diligence processes, the ability to spot new talent and the skills to tailor portfolios,FoHFs will continue to have a role, but are they ready to transition their businesses?
Jacques Chappuis - Morgan Stanley
Joshua Levine - Permal Investment Management
George Main - Diversified Global Asset Management
Roxanne Martino - Aurora Investment Management
Girish Reddy - Prisma Capital Partners
|09.45 - 10.30
Consultants: Friends or Foe?
The consulting community has been the gate keeper to the institutional investor world since the dawn of long-only investing. But as more consultants turn their hand to offering direct access to hedge funds,are funds of funds being left out of the process by the advisors they expected to open the doors to the global pension fund community?
David Harmston - Albourne Partners
Alex Kamunya - NEPC
Jim McKee - Callan Associates
Maarten Nederlof – PAAMCO
10.30 - 11.00
|11.00 - 11.45
Emerging managers: Added value or added risk?
As institutional investors start to allocate directly, their preference is for the larger institutionally built hedge fund businesses. But as the larger funds get larger, it is the smaller less known, newer hedge funds that can really make the most of the opportunities on offer. Investing in smaller, newer managers has always been seen as a double edged sword, but how can investor access these additional returns and future capacity, without adding extra risk?
Jud Reis – Sire Management
Ted Seides - Protege Partners
Rick Sopher - Edmond de Rothschild Asset Management
Ken Stemme - Larch Lane Advisors
|11.45 - 12.30
Performance: How can FoHFs jazz up returns?
Hedge funds are sold in many ways, including risk reduction and uncorrelated returns, but to get paid hedge funds and FoHFs need to perform. Is capitalising on alpha and beta in a portfolio acceptable; is it time to add a little leverage; and can co-investing really add spice to a funds of funds portfolio? To differentiate themselves, FoHF are exploring many different ways to protect investor money and add returns, but which ones will work?
George Coplit - LGT Capital Partners
John Bailey – Spruce Private Investors
Chris Kehoe - van Biema Value Partners
Kathleen Phillips – Berens Capital Management